Can Pay Off!
Using creative self-promotion in place of advertising the way it's always been done can really add to your bottom line.
In his program Your Secret Wealth, Jay Abraham shares ways he has helped every-day men and women discover the income potential buried in their businesses and in themselves. Here is a lesson from Jay on thinking outside the box when it comes to creative self-promotion.
Secret Wealth Principle #6
Get leverage on yourself and one simple idea
can make you a million dollars
Warren Beck made a million dollars with this simple idea. He was a custom home builder. He ran ads every Sunday in his local newspaper to get people to come look at his model homes. Jay analyzed what Warren spent to get a customer to buy a home and it was nearly $7,000. (It cost Warren $50 to get one prospect to come in; it took 140 prospects to come in before Warren sold one home.)
Jay told Warren he was being ludicrously and unnecessarily inefficient. Get greater leverage on yourself, Jay told Warren. You need a more creative self-promotion method.
Warren specialized in first-time home buyers. So Jay demonstrated to Warren that 99% of all prospective first-time buyers probably rented apartments right now. So all Jay told Warren to do was go to the large apartment building owners, make a deal with them to offer their tenants the chance to buy one of Warren’s homes with a lowered down payment (made possible because Jan showed Warren how he could give these purchasers an extra $2,000 and still spend a fraction of what he had been spending in newspaper advertising to BUY a customer). Jay had Warren offer the landlords $2,000 for every sale they go Warren – and Warren offered to reimburse them for up to three months on any tenant moving out of a landlord’s apartment and into one of Warren’s homes if the apartment didn’t fill.
The plan worked beautifully. Landlords got excited, recommended Warren’s homes to their tenants, and the tenants bought.
Warren made $1,000,000-plus on this simple concept.
Even though he gave $2,000 to the tenant to help buy the house and even though he gave $2,000 to the landlord for referring the tenant and even though he picked up part of the rent, Warren actually cut his advertising expense – and thus his cost of sales per home, by $2,500-$3,000. Warren didn’t factor this savings into the deal. It probably added $200,000 additional to his bank account. (There are lots of million-dollar ideas in Your Secret Wealth.)
This is an excerpt from Jay Abraham’s program Your Secret Wealth. Jay has extensive knowledge and powerful ideas about how to uncover secret wealth in your life that, in his words, “will help you get raises, promotions, security, income streams, and more.” If this example gives you ideas for a more creative self-promotion method for your own business, or makes you want more information, you can purchase Your Secret Wealth and other Jay Abraham books and tapes on Amazon.com. Or go right to the source at www.abraham.com.
Return from Creative Self-Promotion to Creative Ways to Make Money